President Barack Obama will soon nominate Tom Wheeler, a venture capitalist and former lobbyist, as chairman of the Federal Communications Commission, or FCC, a White House official told Politico.

The announcement could come as soon as Wednesday, other outlets report. If confirmed, Wheeler will replace current FCC Chairman Julius Genachowski, who announced his departure last month. Genachowski, a friend of the president, will be joining the Aspen Institute as a senior fellow.

Wheeler is a tech and telecommunications venture capitalist. He is the managing director of Core Capital Partners, a venture capital firm in Washington, D.C. Wheeler joined the firm in 2005. He has also founded companies that offer cable, wireless and video communications service, according to Core Capital’s website. In terms of policy, Wheeler has been involved with developing government telecommunications policies at the legislative and regulatory levels, the site states.